The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    us

    3.227.157.6

    FinCEN and Federal Reserve Board Reducing the Bar for International Transactions

    FinCEN-and-Federal-Reserve-Board-Reducing-the-Bar-for-International-Transactions

    The FinCEN and Federal Reserve Board are planning to reduce the threshold for international transfers from $300 to $250. The proposed AML rule will demand the sender and receiver’s information, which is expected to increase the compliance burden on financial institutions for payment processing.

    According to the current Bank Secrecy Act in the US, financial and non-financial institutions obtains information of both parties when the transfer is above $3000, both domestic and international transfer. This new change will not impact domestic funds transfer, but the international transfers above $250 will be monitored.


    The authorities published the rule on Tuesday, which also clarified that rule is applicable on transactions including digital currencies if they meet the desired threshold. According to the regulators, reduced denomination resulted in terrorist financing and other illegal activities. The proposal is based on the 2000 suspicious reports filed by FinCEN between 2016 and 2019. These reports were related to terrorist financing. Most of these reports included $509 and $255 transactions.

    The banks have to bear with more burden to comply with the new amendment, but it can be beneficial in combating money laundering and terrorist financing. The authorities are waiting for responses from banks and the public until November 27.

    Related Posts

    News

    German Watchdog Extends N26 Measures to Prevent Money Laundering

    BaFin, the German financial regulator, stated on July 17th, that it was extending its measures to...

    German Watchdog Extends N26 Measures to Prevent Money Laundering Explore More

    News

    Financial Watchdogs in Thailand Issue Strict KYC for New Crypto Accounts

    The government in Thailand plans to eliminate anonymity in the new crypto account creation by enf...

    Financial Watchdogs in Thailand Issue Strict KYC for New Crypto Accounts Explore More

    News

    Ransomware gang failed to deploy an attack against 30 US firms

    A ransomware attack was blocked by a group by the Cybersecurity firm Symantec known for demanding...

    Ransomware gang failed to deploy an attack against 30 US firms Explore More

    News

    Job Seekers Face Concerns of Identity Theft Through Fake Employment Scams

    Fake employment advertisements defrauded many job seekers with theft of money and personal detail...

    Job Seekers Face Concerns of Identity Theft Through Fake Employment Scams Explore More

    News

    Swiss Prosecutors Open Probe Against “Suisse Secrets” Whistleblower

    The Swiss Prosecutors have launched an investigation, not after the bank but against the Suisse S...

    Swiss Prosecutors Open Probe Against “Suisse Secrets” Whistleblower Explore More

    News

    Coronavirus: UK economy recovering gradually, says Bank of England

    Bank of England (BOE) governor, Andrew Bailey, stated that there are signs of the UK economy grad...

    Coronavirus: UK economy recovering gradually, says Bank of England Explore More

    News

    The Biggest Software Company in the US under Ransomware Attack on Election Night

    Tyler Technologies in Plano, Texas, was under a ransomware attack last week. The company sells so...

    The Biggest Software Company in the US under Ransomware Attack on Election Night Explore More

    News

    FATF to Shorten Its Fifth Round of Mutual Evaluation to Assess Countries’ AML Regimes

    The Financial Action Task Force has announced that it will shorten its fifth round of mutual eval...

    FATF to Shorten Its Fifth Round of Mutual Evaluation to Assess Countries’ AML Regimes Explore More

    News

    OCC, FDIC, & Fed Warn Banks of Significant Risks in the Crypto Industry

    Three US banking regulators, the Federal Reserve (Fed), Office of the Comptroller of the Currency...

    OCC, FDIC, & Fed Warn Banks of Significant Risks in the Crypto Industry Explore More

    News

    Millions of Twitter and Facebook Users May Have Had Their Accounts Compromised

    Facebook and Twitter announced on Monday that the personal data of millions of users may have bee...

    Millions of Twitter and Facebook Users May Have Had Their Accounts Compromised Explore More

    News

    Ontarians Lost More than $118M to ‘Grandparent Scam’ in 2022, Reports

    ‘Grandparent scam’ cost Ontario residents more than $118 million. Scammers call elderly people an...

    Ontarians Lost More than $118M to ‘Grandparent Scam’ in 2022, Reports Explore More

    News

    FATF Issues New Set of AML and CTF Recommendations for EU States

    The Financial Action Task Force (FATF) has offered a new set of guidance for European Union (EU) ...

    FATF Issues New Set of AML and CTF Recommendations for EU States Explore More

    News

    AFM Fines Robeco ​​€2 Million for AML Compliance Failure

    The Netherlands’ financial regulator AFM has fined Robeco €2 million for failing to implement ade...

    AFM Fines Robeco ​​€2 Million for AML Compliance Failure Explore More

    News

    Another COVID-related lure: Phishing Scam Targeting Email Users

    Amid the COVID-19 outbreak, email users are constantly warned against fraudulent emails and scams...

    Another COVID-related lure: Phishing Scam Targeting Email Users Explore More

    News

    Feds Uncover $12M Money Laundering Operation Between U.S. and Dubai

    Prosecutors have uncovered a money laundering scheme dubbed “The Shadow Exchange” worth USD 12 mi...

    Feds Uncover $12M Money Laundering Operation Between U.S. and Dubai Explore More

    News

    UBS to Restrict Credit Suisse Bankers After Takeover

    The bankers of Credit Suisse (CSGN.S) will be subjected to tighter regulations introduced by UBS ...

    UBS to Restrict Credit Suisse Bankers After Takeover Explore More

    News

    Japan Considers Facial Recognition to Trace Contact at Large Scale Events

    According to the Japan Times report, the country is planning to introduce facial recognition at l...

    Japan Considers Facial Recognition to Trace Contact at Large Scale Events Explore More

    News

    CBN Issues AML/CFT/CPF Guidelines for Licencing Banks and other Financial Institutions

    The Central Bank of Nigeria (CBN) has issued guidelines to assist promoters of banks and other fi...

    CBN Issues AML/CFT/CPF Guidelines for Licencing Banks and other Financial Institutions Explore More

    News

    Fiat is the Top Choice of Currency for Financial Criminals, Says US Treasury

    The US Treasury Department has released a three-year report on money laundering and terrorist fin...

    Fiat is the Top Choice of Currency for Financial Criminals, Says US Treasury Explore More

    News

    FinCEN and Federal Reserve Board Reducing the Bar for International Transactions

    The FinCEN and Federal Reserve Board are planning to reduce the threshold for international trans...

    FinCEN and Federal Reserve Board Reducing the Bar for International Transactions Explore More

    News

    FIU Highlights the Risks of Money Laundering in Estonia Due to VASPs

    FIU has highlighted in its annual report the risk of money laundering and terrorist financing in ...

    FIU Highlights the Risks of Money Laundering in Estonia Due to VASPs Explore More

    News

    China’s Central Bank Fines Zhongtian Securities $216k for AML Breaches

    China’s Central bank has fined Zhongtian Securities Co. Ltd. 1.37 million yuan ($216,000) for AML...

    China’s Central Bank Fines Zhongtian Securities $216k for AML Breaches Explore More

    News

    SEC Chair Gary Gensler Turns to Congress to Address Crypto Wild West

    SEC Chairman stresses the need for proper checks on crypto exchange platforms, given the volatili...

    SEC Chair Gary Gensler Turns to Congress to Address Crypto Wild West Explore More

    News

    India and the United States Collaborate to Combat Financial Crime

    The US-India Dialogue on Anti-Money Laundering and Countering Terrorism Financing, jointly chaire...

    India and the United States Collaborate to Combat Financial Crime Explore More

    News

    HSBC Bank SMS Phishing Scam Targets UK Victims

    A new phishing scam, designed to lure victims into handing over their HSBC bank account details, ...

    HSBC Bank SMS Phishing Scam Targets UK Victims Explore More

    News

    Hong Kong Launches Meta Verse to Combat Crypto Crime

    CyberDefender Metaverse is the first metaverse platform launched by Hong Kong Police to combat cr...

    Hong Kong Launches Meta Verse to Combat Crypto Crime Explore More

    News

    Electronics Giant Samsung Confirms a Data Breach Affecting Personal Information of Customers

    Samsung announced a data breach involving customers’ personal information, assuring that so...

    Electronics Giant Samsung Confirms a Data Breach Affecting Personal Information of Customers Explore More

    News

    Local Election Officials’ Emails Could be at risk for phishing attempts

    Cybersecurity firm Area 1 found 666 of 10,000 election workers used personal email accounts Accor...

    Local Election Officials’ Emails Could be at risk for phishing attempts Explore More

    News

    UAE to Revolutionize the Financial Regulatory Requirements

    A new set of measures are being taken by the Ministry of Justice in the UAE to curb the money lau...

    UAE to Revolutionize the Financial Regulatory Requirements Explore More

    News

    FATF puts South Africa and Nigeria on Anti Money Laundering Gray list

    The global financial watchdog puts Africa’s two biggest economies on Anti-money laundering grey l...

    FATF puts South Africa and Nigeria on Anti Money Laundering Gray list Explore More

    News

    24 scammers arrested on money laundering charges

    Government officials have arrested over 24 money laundering suspects due to an online fraud opera...

    24 scammers arrested on money laundering charges Explore More

    News

    UAE Central Bank Issues AML/CFT Guidance For Exchange Houses

    The Central Bank of UAE (CBUAE) has issued guidance for Licensed Exchange Houses (LEH), keeping F...

    UAE Central Bank Issues AML/CFT Guidance For Exchange Houses Explore More

    News

    US Regulators Worried about the Rise in Synthetic Identity Fraud

    Synthetic identity fraud, a financial crime in the USA, is on the rise. This has concerned the Un...

    US Regulators Worried about the Rise in Synthetic Identity Fraud Explore More

    News

    FinCEN Extends the Comment Period of Virtual Currency Regulations

    FinCEN– Financial Crimes Enforcement has finally agreed to reopen the comment period of reg...

    FinCEN Extends the Comment Period of Virtual Currency Regulations Explore More

    News

    Over Dh3 billion Confiscated from Firms violating AML Laws in UAE

    The UAE has plans to take a strict stance on firms operating in the region over money laundering ...

    Over Dh3 billion Confiscated from Firms violating AML Laws in UAE Explore More

    News

    Cambodia’s Presence on The Global Watchdog’s Hit List is a Threat to Country’s Reputation- States Deputy PM

    Due to the enhanced ratio of financial crimes and human trafficking in Cambodia, the deputy prime...

    Cambodia’s Presence on The Global Watchdog’s Hit List is a Threat to Country’s Reputation- States Deputy PM Explore More

    News

    AUSTRAC Warns Banks Against Closing Accounts of Crypto Traders

    AUSTRAC shows full support for the Australian crypto industry and is issuing warnings to banks ag...

    AUSTRAC Warns Banks Against  Closing Accounts of Crypto Traders Explore More

    News

    EUR 27 Million Worth Crypto Assets Seized by the NCA in Money Laundering Crackdown

    NCA seizes crypto assets worth £27m last year in a major money laundering crackdown Although inst...

    EUR 27 Million Worth Crypto Assets Seized by the NCA in Money Laundering Crackdown Explore More

    News

    Uganda Remains on FATF Graylist for Failing to Curb Money Laundering

    Uganda is still under the scrutiny of AML/CFT agencies after failing to enforce regulations in NG...

    Uganda Remains on FATF Graylist for Failing to Curb Money Laundering Explore More

    News

    UK Government to Introduce Age Verification Laws For Adult Websites

    To restrict minors’ access to adult-oriented content, the UK government is working on impos...

    UK Government to Introduce Age Verification Laws For Adult Websites Explore More

    News

    Central Bank of UAE Issues Updated Guidance For Licensed Financial Institutions

    CBUAE issues updated guidance for licenced financial institutions on growing risks of money laund...

    Central Bank of UAE Issues Updated Guidance For Licensed Financial Institutions Explore More

    News

    UAE Struggles to Shade Off Grey-List Status as it Continues to Attract More Crypto Firms

    The UAE is keen on regaining a good reputation by clearing its name from FATF’s grey list while t...

    UAE Struggles to Shade Off Grey-List Status as it Continues to Attract More Crypto Firms Explore More

    News

    Hong-Kong Police Crack money-laundering Cartel of Processing HK$119 Million in 2 months

    Hong Kong police have rounded up 11 men in a crackdown on a cross-border syndicate with a suspect...

    Hong-Kong Police Crack money-laundering Cartel of Processing HK$119 Million in 2 months Explore More

    News

    Twitter Breach – Bitcoin Scams to the Next Level

    A massive attack is reported on Twitter accounts of high-profile and well-recognized brands. Hack...

    Twitter Breach – Bitcoin Scams to the Next Level Explore More

    News

    UAE Central Bank Imposes Financial Sanctions on Six Banks for CDD Failures

    Six banks in the UAE have been issued financial sanctions by the UAE Central Bank for not complyi...

    UAE Central Bank Imposes Financial Sanctions on Six Banks for CDD Failures Explore More

    News

    Actor Behind $650M Ponzi Scheme Set to Face 20-Year Jail Time

    The actor was arrested on account of wire fraud, identity theft, securities fraud, and executing ...

    Actor Behind $650M Ponzi Scheme Set to Face 20-Year Jail Time Explore More

    News

    DFSA and Financial Intelligence Collaborate to Combat Financial Crime in UAE

    Memorandum of Understanding (MoU) between the Dubai Financial Services Authority (DFSA) and the F...

    DFSA and Financial Intelligence Collaborate to Combat Financial Crime in UAE Explore More

    News

    AUSTRAC New Risk Assessment Report on Banking Sector Warns Brokers of High ML/TF Risk

    The brokers knowingly allowed the loans to be repaid with illicit funds, states the report.  AUST...

    AUSTRAC New Risk Assessment Report on Banking Sector Warns Brokers of High ML/TF Risk Explore More

    News

    U.S Congress Suspects the Use of Bitcoin to Fund Domestic Terrorism

    U.S Congress subcommittee worries that Bitcoin might have been used in funding the Capitol revolt...

    U.S Congress Suspects the Use of Bitcoin to Fund Domestic Terrorism Explore More

    News

    N26 Banned by Italian Central Bank for Insufficient Money Laundering Controls

    The central bank of Italy has banned German digital bank N26 from onboarding Italian customers af...

    N26 Banned by Italian Central Bank for Insufficient Money Laundering Controls Explore More

    News

    AMLC Downgrades Terror Financing Risks in the Philippines From High to Medium-High

    According to the anti-money laundering council, the Philippines’ terrorist and terrorism fi...

    AMLC Downgrades Terror Financing Risks in the Philippines From High to Medium-High Explore More

    News

    Singapore Government Discloses Modified Regulatory Measures for Stablecoins

    Singapore’s Central Bank has disclosed upgraded regulatory guidelines for stablecoins to keep cry...

    Singapore Government Discloses Modified Regulatory Measures for Stablecoins Explore More

    News

    Over £1 Million Lost to Covid Business Support Fraud in Leeds

    Leeds City Council papers have shown 74 cases of Covid business support fraud where more than £1 ...

    Over £1 Million Lost to Covid Business Support Fraud in Leeds Explore More

    News

    FATF Updates Guidance on Strengthening Beneficial Ownership Information

    The Financial Action Task Force (FATF), in recommendation 24, established the first international...

    FATF Updates Guidance on Strengthening Beneficial Ownership Information Explore More

    News

    Coinbase Attorney Urges SEC to Announce Crypto Rules

    Coinbase’s attorney forced the Securities and Exchange Commission (SEC) to announce a trans...

    Coinbase Attorney Urges SEC to Announce Crypto Rules Explore More

    News

    FATF Calls for Urgent Implementation of Crypto Information Sharing Mechanisms

    FATF has published a report to call on the countries to the implementation of travel rules to und...

    FATF Calls for Urgent Implementation of Crypto Information Sharing Mechanisms Explore More

    News

    Central Bank of Bahamas Calls for Stringent Due Diligence in the Wake of FTX Collapse

    The Bahamas’ Central Bank has called for stricter due diligence while moving funds in the w...

    Central Bank of Bahamas Calls for Stringent Due Diligence in the Wake of FTX Collapse Explore More

    News

    Austrian Gamblers Struggle to Recoup Money from Illegal Betting Sites

    Austrian gamblers struggle to recoup money from illegal betting sites after gambling groups face ...

    Austrian Gamblers Struggle to Recoup Money from Illegal Betting Sites Explore More

    News

    FATF encourages Digital ID during Coronavirus epidemic

    The Financial Action Task Force (FAFT) is advocating the use of digital identity technology to se...

    FATF encourages Digital ID during Coronavirus epidemic Explore More

    News

    Coinbase Agrees to $100Million Settlement with NYDFS for AML Violations

    Coinbase, The American cryptocurrency exchange platform, has agreed to pay $100 million in a sett...

    Coinbase Agrees to $100Million Settlement with NYDFS for AML Violations Explore More

    News

    FCA Fines Santander and Metro Bank for AML Compliance Gaps

    The financial market regulator FCA has found compliance gaps in Anti Money Laundering (AML) syste...

    FCA Fines Santander and Metro Bank for AML Compliance Gaps Explore More

    News

    UK Government to Introduce Age Verification Laws For Adult Websites

    To restrict minors’ access to adult-oriented content, the UK government is working on impos...

    UK Government to Introduce Age Verification Laws For Adult Websites Explore More

    News

    Rapstar Captured for His Role in Wire Fraud Scheme

    A famous rapper from Chicago with his crew members was caught and charged in court for using the ...

    Rapstar Captured for His Role in Wire Fraud Scheme Explore More

    News

    Nigerian House of Representatives Pledges Strict Regulations Against Money Laundering and Terrorism Financing

    The Nigerian House of Representatives Committee on Financial Crimes stated they would design stri...

    Nigerian House of Representatives Pledges Strict Regulations Against Money Laundering and Terrorism Financing Explore More

    News

    FATF’s New Regulations Will Help Sanctions Find Russian Targets

    The Financial Action Task Force’s drive to eliminate the anonymity of corporate beneficiaries mak...

    FATF’s New Regulations Will Help Sanctions Find Russian Targets Explore More

    News

    The Commodity Futures Trading Commission to Regulate the Crypto Market with “Full Oversight Capabilities”

    The chairman of the CFTC discussed that his agency would regulate the crypto market.  Digital Com...

    The Commodity Futures Trading Commission to Regulate the Crypto Market with “Full Oversight Capabilities” Explore More

    News

    Ledger Owners Scammed worth 1.1 Million XRP

    Earlier this year Legsdger customers faced a leak of email and personal information. Now they are...

    Ledger Owners Scammed worth 1.1 Million XRP Explore More

    News

    Kazakhstan to Regulate Local Cryptocurrency Businesses

    Kazakhstan is tightening its KYC and AML regulations for cryptocurrency exchanges to combat money...

    Kazakhstan to Regulate Local Cryptocurrency Businesses Explore More

    News

    FATF issues new guidance on Digital Identity systems

    A guidance paper has been issued by the Financial Action Task Force (FATF) to assist governments,...

    FATF issues new guidance on Digital Identity systems Explore More

    News

    Biden Going After Crypto Tax Evaders with Data Sharing Initiative

    President Biden’s administration is proposing global cooperation to curb the threat of crypto-rel...

    Biden Going After Crypto Tax Evaders with Data Sharing Initiative Explore More

    News

    Cyprus Securities and Exchange Commission Warns Investing Firms for AML Non-Compliance

    The Cyprus Securities and Exchange Commission (CySEC) warned the Cyprus Investment Firms (CIFs)  ...

    Cyprus Securities and Exchange Commission Warns Investing Firms for AML Non-Compliance Explore More

    News

    Russian Central Bank Still Saying “No to Use of Crypto in Settlements”

    Russia’s Central Bank has put another wrench in the pro-business Ministry of Finance’...

    Russian Central Bank Still Saying “No to Use of Crypto in Settlements” Explore More

    Take the next steps to better security.

    Contact us

    Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

    Contact us

    Request demo

    Get free access to our platform and try our products today.

    Get started